Avalanche Price Analysis – January 19
The Avalanche price is recording a downtrend of 3.16% within the last 24 hours as the coin declines to $81.14 low.
Resistance levels: $100, $110, $120
Support levels: $70, $60, $50
AVAX/USD drops to $81 as the coin continues to follow the downward movement below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) shows increasing bearish momentum as the signal line prepares to cross below 40-level, indicating that the market sentiment is already bearish.
Avalanche Price Analysis: Avalanche Price Ready to Drop More
The daily chart reveals that the AVAX price is changing hands at $83.33 where it faces down. More so, if the Avalanche price rises again and breaks above the 9-day and 21-day moving averages, the coin may start its upward movement to retest the previous high. However, the nearest resistance levels could be located at $100, $110, and $120 while the support levels lie at $70, $60, and $50 respectively giving a high bearish trading volume.
AVAX/BTC Market: Bears are Pushing the Price Downward
Against Bitcoin, the Avalanche price has been dropping for the past few days as the coin remains under the 9-day and 21-day moving averages to continue the bearish run. Meanwhile, crossing below the lower boundary of the channel may hit the nearest support level at 1800 SAT and then locate further key support at 1700 SAT and below if the sell-off later becomes huge.
However, on the upside, if the bulls can push the price above the 9-day and 21-day moving averages, the Avalanche price could face the 2200 SAT resistance. Any further resistance lies at 2400 SAT and above while the signal line of the Relative Strength Index (14) moves to cross below 40-level and this may bring more bearish pressure into the market.